Avonlea to raise $2.5m for Qld exploration

West Perth-based mineral explorer Avonlea Minerals Ltd has opened its intial public offer, aiming to raise $2.5 million for exploration of its Queensland gold and base metals projects.

The company, which will issue 12.5 million shares at 20 cents each to raise the money, acquired the rights, title and interest of Straits Gold Pty Ltd in two exploration permits on the Wentworth Project in Central Queensland, 300 km southwest of McKay.

Initial results from Straits drilling has found levels of zinc, gold and silver which Avonlea says will justify further drilling, as there has been very little exploration within the remainder of the project area.

Avonlea is chaired by lawyer Roger Steinepreis in a non-executive role, with accountant Andrew Gastevich serving as company secretary and executive director, with geologist David Holden also serving in an non-executive role.

Steinepreis Paganin will serve as solicitors to the company, with HLB Mann Judd to act as auditor and investigating accountant.

The offer, which is not underwritten, will close on August 3.